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AMCON Takeover: With God’s Help I’ll Overcome this Setback – Ben Murray-Bruce

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Senator-Ben-Murray-Bruce

Senator Ben Murray-Bruce

Senator Ben Murray-Bruce, Chairman of Silverbird Group in a chat with The Guardian has said that “with God’s help” he will overcome the setback his business is facing.

Recall that on Thursday, the Asset Management Corporation of Nigeria (AMCON) took over most of his company’s assets over an N11bn debt he owed. Click here if you missed it.

A Federal High Court in Lagos gave the order to have AMCON take over companies owned by the senator.

The affected assets were Silverbird Galleria Limited located at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria); Silverbird Promotions Limited located at Central Area Cadastral Zone AOO, Abuja; and Silverbird Showtime Limited located at Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.

“In 1939, Awolowo’s assets were auctioned. But he overcame the setback. With God’s help, I will also.

I run several successful firms. Only the real estate division is affected. Our other businesses are not. Silverbird Communications, owners of STV, Rhythm FM, Silverbird Cinemas and Film Distribution are not affected,” he said.

Reacting to an alleged comment credited to Kunle Adegoke, an attorney working with Muiz Banire, SAN (the debt recovery manager appointed by AMCON) who had accused the senator of “living large and feeding fat without recourse to the interest of the real labourers who own the money,” the Bayelsa senator said:

Our habit of celebrating downfall has to be purged from our national psyche for Nigeria to grow.

There is no shame in taking a loan. If I didn’t take loans I wouldn’t be able to employ 1000 Nigerians.

The man accusing me of living large: Sir, I lived large by paying 1000 Nigerians above minimum wage.

Bruce added that his business will succeed despite the ongoing economic crisis. “The Naira must pursue made in Nigeria goods, not foreign goods for our currency and economy to grow,” he added.

11 Comments

  1. Lyn

    June 25, 2016 at 1:03 pm

    Nigerian entrepreneurs and their habit of living on excess loans they can’t project to pay back.. It is well .. For the sake of all who depend on the business you will bounce back in a matter of time senator. God helping you. Cheers!

    • Damilola

      June 27, 2016 at 3:07 am

      It’s the accumulation of loans and defaulting on them that is the problem here. 11billion is a lot of money. He depended on loan money for everything. Is Ben Bruce here to say there was no revenue from his company? That’s a financial irresponsibility on his part.
      No wonder Nigerian banks make it harder for commoners to even borrow little money, average Nigerians are greatly affected by this.
      To be quite honest, how much impact has his company have on Nigeria’s economy? If the bank is going to borrow you that huge amount of money, at least your company should have a GREAT mpact in building the economy and providing employment/security for Nigerians.

  2. keke driver

    June 25, 2016 at 3:40 pm

    Blah Blah Blah @ Ben Bruce……..It’s not like I’m happy that this is happening to you o, but please just SHUT UP!!!

  3. Lis

    June 25, 2016 at 4:29 pm

    This is a witch hunt we have come to know as the characteristic of the APC party….. look, you can seize his assets to the clothes on his back but yu can not steal his mind, renowned success and most importantly, his intelligence …… this is not an average entrepreneur, if I was a business angel or venture capitalis, I will give him the money he needs, you know why? He will deliver…. the details of this seizure are still obscure…. let who ever he owes come forward…. look, have yu heard of receivers? Even administrators… is a concerned with liquidation? Are there no procedures for this? This man can appeal go to the courts… up to the supreme Court… pls nigerians go to school….. don’t just go, go all the way to the highest point of your chosen career…. what you know is the only thing that can neva be stolen….. our president cannot boast of a business as successful as ben Murray Bruce. … I respect vision errs and above all doers… sorry for this long epistle… I just had to say it

    • ElessarisElendil

      June 26, 2016 at 1:31 am

      You realise the money the banks borrowed him for his business belongs to Nigerians right?? The trader’s profits, the teacher’s children university fund, the battered wife’s getaway fund.

      Not every time bring politics into it, occasionally condemn what is bad.

    • I_I

      June 26, 2016 at 8:39 pm

      Madam. please hehn, not every time, politics. sometimes look at this issue with unbiased lenses. Bruce defaulted on his loan with Union Bank over 5 years ago, hence the takeover by AMCON. People like him are the reason some of us who had shares in Union Bank and co, lost our money as the takeover wiped out our equity. If Ben Bruce had structured out something tangible in the years since AMCON took over his loan, and now, he probably wont be in this mess. I remember when he was praising Union Bank on T.V years back for giving him a the loan at around 11% back then; honestly thought he had paid back.

  4. nwa nna

    June 25, 2016 at 6:16 pm

    Senator Ben Bruce,, you don’t need God! Mba, all you need is some common sense as you’ve been preaching to the masses 😀

  5. Isaac Enoh

    June 25, 2016 at 6:46 pm

    You will surely overcome

  6. nnenne

    June 25, 2016 at 10:18 pm

    Good luck!
    Business is risk ridden.
    A family member’s apartment building is going up for foreclosure.
    Like you, he bought it with a loan. Bad tenants happened and he is not keeping up with his payments. Hence, the bank want to take over.

    It is a devastating experience and it is not a criminal act. My heart goes out for you and others hit by this economic crunch.
    Stay focused and don’t give up.
    For the sake of your employees I pray you find an answer to the problem, quick!

  7. MegaMoneyMan

    June 27, 2016 at 11:46 pm

    This idiot has been living lavishly on taxpayers funds used to bail his stupid companies out, and he has the gut to boast that he borrowed N11B to pay 1,000 staff – those must the most privileged Nigerians I know. He’s an impostor and a pretender. He feels people are fooled by his “commonsense” nonsense that he can’t even apply to his own life.

    • Gideon

      October 7, 2016 at 5:42 pm

      Let’s leave our life better and encourage those that are falling. Men “Mr” Start afresh men! God will help but don’t forget someone is hungry without nothing to eat, no house to stay, no job to call his/her own. God bless you.
      Stay focus and don’t give up men!!

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